Subsea 7 is open to closing new lump sum contracts with Petrobras, according to the company's director of operations, John Evans. "We noticed an improvement in terms and conditions with Petrobras, and we are comfortable with them. Today we see things are headed in the right direction to start discussions with the company," the executive... Continue Reading →

Dutch oil major Shell and compatriot FPSO provider SBM Offshore have been awarded the OTC 2018 Distinguished Achievement Award in Houston this week. SBM Offshore said on Tuesday that the companies received the award in recognition of the successful development of the world’s deepest oil and gas project, the Stones field, using the FPSO Turritella... Continue Reading →

U.S. offshore rig owner Rowan sees the market conditions improving in the shallow water drilling segment, especially in the Middle East and the North Sea. The driller on Tuesday posted a net loss of $112.3 million in the first quarter of 2018, compared to a net profit of $10.3 million in the first quarter of 2017.... Continue Reading →

Exxon Mobil Corp. defended its contract with tiny Guyana as the oil major pushes to speed up production from the world’s biggest deep-water find in a decade. There’s no need to renegotiate the deal because it was agreed only two years ago with several concessions to the government, Erik Oswald, Exxon’s vice president for exploration in... Continue Reading →

The Big Oil playbook has been straightforward for decades: Higher prices mean offshore projects that are further, deeper, more complex than ever before. It’s different this time, according to Royal Dutch Shell Plc. Deepwater projects need to break even at $40 a barrel, or preferably lower, said Harry Brekelmans, Shell’s project and technology director, in an... Continue Reading →

Rio de Janeiro, April 30, 2018 – Petróleo Brasileiro S.A. – Petrobras, further to the Press Release disclosed today, reports that all contractual instruments relating to the agreement negotiated with Centrais Elétricas Brasileiras S.A. – Eletrobras and its controlled power distributors were signed on this date. The agreement is related to part of the debts... Continue Reading →

Rio de Janeiro, April 30, 2018 - Petróleo Brasileiro SA - Petrobras, further to the Material Fact disclosed on 11/22/2017, informs that it has closed today the sale of its entire stake in Campo de Azulão (Concession BA- 3), located in the state of Amazonas, to Parnaíba Gás Natural S.A, a subsidiary of ENEVA S.A.... Continue Reading →

Rio de Janeiro, April 30, 2018 - Petróleo Brasileiro S.A. – Petrobras, in continuity to the Material Fact disclosed on 12/28/2016 and 03/27/2017 and press release dated 02/07/2018, informs that today it completed the sale of 100% of the shares held in Companhia Petroquímica de Pernambuco (“PetroquímicaSuape”) and Companhia Integrada Têxtil de Pernambuco (“Citepe”) to... Continue Reading →